Hi friends! Considering going independent and am making a list of resources to prepare. Anything I should consider/read?

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My top recommendation is to set yourself up as an LLC that files an an S-Corp for tax purposes. That way you can divide your business income into a salary portion and an owner’s profit portion. You’ll owe personal income tax on both portions, but you get to avoid payroll taxes on the owner’s profit portion. Furthermore, as long as the salary is “reasonable” it’s ok if it’s below average which allows the owner’s profit portion to be bigger.

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I ended up not doing it… my spouse left me a year ago and I just didn’t have the capacity/bravery to go independent after that. Thank you so much for your thoughts, though, and I’ll add that advice to my list

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What would make you leave a contract?

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